XRP Price Rises: David Sacks to Favor Ripple?
Speculations are rising about the XRP lawsuit as yet another pro-crypto David Sacks’ been named the new AI and Crypto czar.
Recently, pro-crypto Paul Atkins’ been declared the new US SEC chairperson, while Jorge Tenreiro’s been appointed to the position of the SEC’s chief litigation counsel.
The lawsuit between XRP and SEC is being speculated to end with these developments.
David Sacks and the XRP Lawsuit
David’s selection as the chairman of SEC is being applauded by Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty. It’s being considered a good news for both Ripple and XRP, as David rooted for them during the lawsuit. Brad believes he’ll support Trump’s crypto and AI-related plans. Similarly, Paul Atkins’ nomination has also sparked a bullish sentiment in the crypto industry.
David Sacks’s one old video is doing rounds on the internet which shows him claiming Ripple’s victory after Judge Analisa Torres ruled out XRP’s not security.
Now it’s being predicted that the lawsuit appeal will either be dropped or dismissed. This is because of the two recent pro-crypto nominations: Paul Atkins and David Sacks.
The SEC will either continue the legal battle with XRP or let the deadline of January 15 to pass.
XRP Price Rises
XRP price has risen significantly since then. It’s trading above $2.35 and achieved a market cap of $134 billion.
XRP has even rallied 400%. The price is 2% up in the last 24 hours and 50% up in a week.
Jorge Tenreiro’s Role Brings Uncertainty
Tenreiro, the new chief litigation counsel for the SEC, however, has also been heavily involved in the case. And he is someone known to carry an aggressive stance toward the crypto space, who might bring stricter Crypto regulations. This sets ground for uncertainty about the above-mentioned predictions and speculations. It is Jorge Tenreiro whose signature will be required in the end.
Bill Morgan has expressed his uncertainty attached with the case, as predicting the US SEC’s strategy gets more difficult. The watchdog can seek a 30-day extension against the deadline, justifying the delay because of leadership changes.
SEC had earlier appealed in July 2023, but received failure as a blow. It, however, still filed a motion to challenge the ruling further.
Bottom Line
Overall, the case is obviously more inclined toward Ripple’s XRP’s side. This is clearly visible in the XRP price jump that’s been reflected in the past days. It’s bullish for all cryptocurrencies that are favored by Trump’s newly chosen AI and Crypto advisor, including XRP and ZRX.
